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House Price Crash Forum

Credit Crunch

Soul Reaver

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A few weeks ago I got sent two letters from Barlcays on two new businesses I had opened bank accounts for. Both theses accounts have made zero money yet because the buinesses are in development. Anyway they told me that I was pre-approved for a Barclaycard on each with a 25 grand limit on each.

So I thought what the hell it's handy having a line of credit if you need it so I sent them off and low and behold got both cards today! 50 grand of unasked for credit on businesses that have not even started trading yet LOL

Admittedly my main business account sees lots of cash through it and I have never missed a payment with them in 5 years so I must have a good rating but even so I was suprised.

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I am not surprised about this...behind the scenes banks are still actively pushing credit cards albeit to the more credit worthy customer. They make vast profits from their credit card operations. However, if the economy continues to worsen then this could be the next financial volcano. Correct me if I'm wrong but I understand this vast amount of credit card debt is sold on in much the same way that sub-prime mortgages have been. Another potential disaster waiting...but not to worry the central banks will ride to the rescue once again!

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